Accessibility links

Breaking News

EU Leaders Hail Progress On Financial Crisis

Herman Van Rompuy
European Union leaders wrapped up a two-day summit early on December 14, saying they have made progress on boosting their finances and banks.

Leaders of the 27 EU states agreed that the European Central Bank would be the chief supervisor of eurozone banks, called the Single Supervisory Mechanism (SSM).

"The establishment of the SSM marks a breakthrough," said European Council President Herman Van Rompuy. "It will strengthen our financial sector, breaking the vicious circle between sovereigns and banks, will help ensure stability and improve lending conditions, both vital for growth and employment in the eurozone and beyond."

EU leaders also agreed on a new tranche of aid to Greece, which Von Rompuy said showed the irreversibility of the euro currency.

Based on reporting by Reuters and AFP